Analyst, Gary E. Bisbee, said, "Last night, Iron Mountain announced that its Board has unanimously approved a plan to pursue a future REIT conversion. If successful, the conversion could add as much as $10 per share of value to IRM shares (based on capitalizing the tax savings)...We believe that IRS approval is likely, but due to the ~19 month wait until IRM expects to convert, we are taking a slightly more cautious approach to our price target."

Barclays lowers FY12 EPS estimates from $1.33 to $1.32 and FY13 from $1.49 to $1.42.

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